The global plastic caps & closures market is poised for substantial growth from 2023 to 2033, according to the latest research report by Future Market Insights (FMI). With a projected valuation of US$ 45,913.6 million in 2023, the market is expected to achieve a remarkable milestone, reaching US$ 76,953.0 million by 2033, exhibiting a noteworthy compound annual growth rate (CAGR) of 5.3%.
Key Market Insights:
Rising Consumption of Carbonated and Non-Carbonated Drinks: The segment for carbonated and non-carbonated drinks, valued at US$ 20.2 billion in 2021, plays a pivotal role in driving the demand for plastic caps and closures. These closures are integral in sealing various types of bottles used in the beverage industry. The surge in consumption of carbonated and non-carbonated drinks is attributed to factors such as the expanding millennial population in developing economies and the increasing disposable incomes of consumers.
Dominance of Screw Closures: In 2022, screw closures accounted for approximately three-fourths of the plastic caps & closures market by market value. This dominance underscores the versatility and widespread adoption of screw closures across different packaging applications, contributing significantly to the market’s growth trajectory.
Beverage Segment Leading the Market: With the beverage segment expected to maintain its lead in market share throughout the forecast period, the demand for plastic caps and closures is projected to witness a steady rise. The beverage industry’s reliance on efficient and secure packaging solutions further propels the demand for plastic caps and closures.
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Screw Closures Reign Supreme, Beverages Take the Lead
Screw closures are projected to maintain their dominance, accounting for nearly three-quarters of the market share by value in 2022. When it comes to end-user applications, the beverage segment is anticipated to lead the market throughout the forecast period.
Asia Pacific and North America: Regional Powerhouses
The Asia Pacific (excluding Japan) and North American regions are poised to capture nearly half of the global plastic caps & closures market by 2033. The United States, in particular, is expected to witness profitable growth due to ongoing product development and a thriving food and beverage sector.
Fizz for the Market: Rising Beverage Consumption Fuels Growth
The carbonated and non-carbonated beverage segment, valued at US$ 20.2 billion in 2021, is a key driver of market growth. This surge in beverage consumption is fueled by a growing millennial population in developing countries, coupled with rising disposable incomes. Additionally, the demand for diet drinks, driven by consumer health preferences, is further contributing to market expansion.
Growth Factors and Future Opportunities
- Rising Production of Packaged Food and Beverages: The increasing demand for convenience and longer shelf life is driving the production of packaged food and beverages, which in turn fuels the need for secure and reliable caps and closures.
- Surging Consumption of Bottled Water, Carbonated, and Non-Carbonated Drinks: The growing popularity of bottled water and other convenient beverage options is creating a significant demand for plastic caps and closures.
- Growing Inclination Towards Healthy Lifestyles: The market is adapting to meet evolving consumer preferences for healthy options. For instance, the demand for diet drinks with plastic caps and closures is on the rise.
Sustainability: A Key Market Trend
The growing focus on sustainability is influencing the plastic caps & closures market. Manufacturers are exploring the use of recycled materials and developing innovative solutions to address environmental concerns. This trend presents exciting opportunities for the industry in the future.
The global plastic caps & closures market presents a promising outlook, driven by the beverage boom and increasing emphasis on sustainability. As the market evolves, innovations that cater to both functionality and environmental responsibility will be key to success.
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Plastic Caps & Closures Market by Category By Caps Type:
- Screw Closures
- Snap Closures
- Push-Pull Closures
- Others
By Material Type:
- Thermoplastic
- PE
- LDPE/LLDPE
- HDPE
- PP
- Others (PS, PET etc.)
- PE
- Thermosets
By End Use:
- Beverage
- Food
- Pharmaceutical
- Household
- Cosmetics & Personal Care
- Others (Chemicals, Fertilizers etc.)
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific
- MEA
- Japan
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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